June 08, 2022 06:50 ET | Source: Vantage Market Research Vantage Market Research
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WASHINGTON, June 08, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Product Lifecycle Management Market finds that increasing acceptance of integrated IoT solutions in PLM applications and development of connected devices and smart factories, are factors that influence the growth of Product Lifecycle Management Market.
The Global Product Lifecycle Management Market revenue is expected to reach a value USD 42.8 Billion in the year 2028.
The Global Market revenue stood at a value USD 26.4 Billion in the year 2021 and is expected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.4% during the forecast period; states Vantage Market Research, in a report, titled “Product Lifecycle Management Market Size, Share & Trends Analysis Report by Software (Portfolio Management, Design & Engineering Management, Quality & Compliance Management, Simulation, Testing, & Change Management), by Deployment (On-Premise, Cloud Based), by End Use (Aerospace & Defense, Automotive & Transportation, Healthcare, IT & Telecom), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
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Market Dynamics:
Drivers:
Increasing Acceptance of Integrated IoT Solutions in PLM Applications
The introduction of integrated Internet of Things (IoT) solutions and flexible scale-up or scale-down infrastructure is expected to boost the market, supported by increasing use of cloud-based solutions in PLM systems. IoT sensors embedded in smart devices and systems produce a wide set of actionable data, such as insights regarding the early cue for breakdown of a particular part of the device. Key players in this market are focused on integrating their applications into their PLM product portfolio. For example, in January 2019, PTC successfully combined product lifecycle capabilities with the IoT technology ‘Thing Worx’ to allow manufacturers to connect product operational data directly to the PLM platform. Other factors, such as the development of core technologies such as blockchain, Al and machine learning, are expected to drive the market growth over the forecast period.
Development of Connected Devices and Smart Factories
Digital transformation trends are driving companies in industries such as heavy industry and automation to focus on developing and launching next-generation intelligent products and factories. These smart products and factories are extremely complex to develop in terms of connectivity, security compliance, functionality and more. To efficiently build these connected products, manufacturers need solutions that cover mechanical, electrical, and software features. To develop these connected products, software vendors are focused on developing PLM software with advanced features: 3D design, simulation, and certification of the complex behaviour of intelligent products and production systems. Therefore, increasing demand for connected devices is expected to drive the growth of the Product Lifecycle Management Market over the forecast period.
Key Insights & Findings from the Report:
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Segmentation of the Global Product Lifecycle Management Market:
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
The Report on Product Lifecycle Management Market Highlights:
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Regional Analysis:
North America Holds Maximum Market Share
North America is expected to dominate the growth of Product Lifecycle Management Market in 2021. This advantage is primarily due to the demand for mechanical computer-aided design (MCAD) and electronic computer-aided design (ECAD) systems in developed countries such as the United States and Canada. Leading manufacturers in the region will also use PLM solutions to acquire and upgrade business units to establish long-term technology trends for business units to support marketing and customer-centric product development. Hence, anticipated to drive the market growth over the forecast period.
List of Prominent Players in the Product Lifecycle Management Market:
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on “Product Lifecycle Management Market Size, Share & Trends Analysis Report by Software (Portfolio Management, Design & Engineering Management, Quality & Compliance Management, Simulation, Testing, & Change Management), by Deployment (On-Premise, Cloud Based), by End Use (Aerospace & Defense, Automotive & Transportation, Healthcare, IT & Telecom), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)” View detailed Research Report here – https://www.vantagemarketresearch.com/press-release/product-lifecycle-management-market-944696
Recent Developments:
August 2020: NEC Corporation (NEC) has introduced a product life cycle management (PLM) system in collaboration with Sanden Holdings Corporation (Sanden) and Argo Graphics Co., Ltd. (Argo Graphics). The PLM system was developed to control the design and manufacturing processes of companies around the world.
December 2020: PTC has completed the acquisition of Arena Solutions, a provider of SaaS platforms. The acquisition was completed to develop an advanced CAD + PLM solution based on the SaaS platform.
April 2021: Innov Metric has released the Poly Works Data Loop PLM Connector. The PLM connector is designed to connect your Product Lifecycle Management system to your Poly Works intelligent 3D digital measurement network. These connectors are used throughout the manufacturing industry.
Key questions answered in the report:
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